The Walmart-owned fintech startup isn’t likely to file for a public listing before 2024, as it kicks off a range of expansion plans.
PhonePe is in the midst of an ambitious overhaul of its business with planned forays into quick commerce, wealth management and B2B technology infrastructure services. The Bengaluru-based payments startup is attempting to turn profitable in the 2023-24 fiscal year for an initial public offering, according to three people in the know, who asked not to be named.
The company’s aim is to ensure that about 50% of its income comes from financial services and the rest is split among the other new businesses. The goal is to increase income by diversifying revenue streams and cut down on customer acquisition costs …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi